PoW Bitcoin – 7/20/2017

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Sources: PricesLocalBitcoinsBlockchain VolumeDifficulty, Mempool, Gold, DXYSPX500

BIP91 Signaling

As I’m recording this we need 68 out of the next 86 blocks to signal bit4 to lock in segwit. That’s 79%. Current signaling level is 83%. So that should happen, but it could still miss by one or two blocks due to variance. I wasn’t expecting it to activate this period, but if it does hold on tight. This price could moon up to ATHs around $3000 or more before any serious pullback.

Please consider donating to XBT.EU for their amazing charts and info they’ve given to the community. I recently just realized this site is connected to Samourai Wallet, too. Those guys are killing it. They need out support.

Ethereum Parity Wallet Hack

Yesterday the 19th, the Parity wallet in ethereum was graphically exploited. Their smart contract used to create multi-sig apparently was buggy. The hacker only took $32M out of over $100M possible. A “white hat” group “saved” the rest. I don’t know about you but for me the white hat group wouldn’t make me feel more secure with my eth. It’s like a hacker war.

So why only the $32M? Why not take it all? The DAO hacker taught people a lot. If you take too much of the pie, they’ll Hard Fork, also the price could be hugely affected to the down side. The DAO hacker hasn’t been able to sell his stolen ETC, but they surely profited from the corresponding market sell off. I’d almost guarantee the hacker was trying to minimize HF risk, while also being able to profit on a short. Anyway, I have thought about that much, but its very fascinating. There’s also a higher than expected likelihood that a white hat is the hacker in this case, just like the DAO.

BTCC Made Some Waves With a Published Policy

BTCC published a statement about their support for the NYA and their policy on the UASF, which immediately caught the eye of many people in the space. The most controversial point was point number 5, where BTCC said they’d follow the “longest chain.” Here’s the twitter thread.

I guess there’s been some recent high level defections from BTCC, most notably Samson Mow left his COO position. The other person that BTCC recently lost was their CTO, Mikael Wang. The wording of this statement shows the drop in number of people in the C-level positions that really know bitcoin. Of course, Bobby Lee is great, but he can’t run the whole thing by himself.

The controversy was somewhat tabled by the BTCC agreeing to use the term “longest _valid_ chain”, which I agree is more accurate.


Music by Joakim Karud

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